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Fund Managers' Bad Bets

Prices Kept Falling as Market Indicators Flashed 'Time to Buy'

By

Jason Corcoran

Updated Dec. 15, 2008 12:01 a.m. ET

Funder managers and investment sages have called several bottoms to the market over the past 18 months.

They had fundamental factors, technical signs and historical precedents to back up their theories, which were then disproved by slumps or short-lived recoveries. Asset managers made the case for investing in financial companies, builders, media, industrial stocks, Asian equities and consumer-cyclical shares, none of which would have...